I do not want to rent a unit that i would not feel comfortable and or safe living in. 

@Macklin Baldwin You bet! 

Your best bet is to speak with CPA.Originally posted by @Shafi Noss:Hey @Roni Elias, thanks for the article, it's extremely helpful.

Your best bet in this situation is to keep heat on so that the property does not become damaged.You have already been told this, but your biggest mistake was letting the issue drag on so long.

Stay safe and remain blessed! 

A bankruptcy filing doesn’t negate a foreclosure...it only stalls it for a couple of months.If someone buys at a foreclosure auction Without knowing they are buying from a second mtg foreclosure, and are at risk of the first mortgage foreclosing, they have no business buying through a Legal Action against someone else.....they should stick to safe, normal transactions.And so that everyone knows....when you bid online at any FL foreclosure auctions, you have to acknowledge several warnings that these properties may not have clear title, there are risks involved and that you should consult an attorney if you don’t know what you’re doing.

my thoughts are that as long as you have the cash or can get financing to fund the soft costs and hard construction costs then i think you would turn a profit. as you said, your betting on avg house cost, hopefully you've done due diligence to check that but ultimately if that area is in a housing shortage then I think the market will eventually meet or exceed 

Rather, it is a type of capital gain taxed at a maximum federal rate of 25% (28.8% if we wrap in NIIT).It's not possible to know exactly what Bernie Sander's plan calls for, as it is currently a mere talking point and not proposed legislation, however it would be safe to assume he has a "surtax" in mind. 

Because the financing is different for buildings with more than 4 units, as you may already know, you can't really use a per-unit price on a 4-unit and extrapolate to a 5 or 6 unit :(Instead of looking for comparable sales, you usually end up having to apply a market cap rate to the net income (NOI) of the property, which appraisers call the "income approach".As for what's a "market cap rate", well that's about as much art vs. science as (in some way) choosing good sales comps are.For a B area of Providence I think you'd be safe using a 5% or 5.5% cap rate, but if it was an A area like the East Side you might want to go with 4% or 4.5%.You should also ask around as I certainly haven't done any market survey of cap rates.

You are correct, anything below 750 sqft will be your best bet.